Neon launches marine and offshore construction consortium at Lloyd’s

Neon launches marine and offshore construction consortium at Lloyd’s

Neon launches marine and offshore construction consortium at Lloyd’s

Lloyd’s insurer Neon, which is part of The Great American Insurance Group, launched a new marine and offshore construction consortium. The consortium went live in February and aims to provide bespoke insurance coverage to shipyard clients. The consortium is underwritten by Mireille Dolonen and offers $70m capacity for shipyard construction and $55m for rig construction. Neon leads the consortium and…

Crew released but Somali hijack concerns continue

Crew released but Somali hijack concerns continue

Crew released but Somali hijack concerns continue

On 16 March 2017, the crew of the MT ARIS 13, a tanker vessel, was released from Somali pirates after a firefight with the Puntland Maritime Police Force (PMPF). Oceans Beyond Piracy reported the entire crew is unharmed. The MT ARIS 13 is now proceeding to the Somali port city of Bosasso. On 13 March, pirates hijacked the vessel en route to…

Somali pirates strike again

Somali pirates strike again

Somali pirates strike again

Risk managers have been warned to increase their vigilance around the threat of a piracy attack in Somali waters after the first merchant vessel incident in five years. On 13 March 2017 Somali pirates hijacked the MT ARIS 13, a tanker vessel en route to Mogadishu from Djibouti. The ship was seized approximately 18 km off the northern tip of…

Hyperion hires Johnson to lead FP’s Asian marine business

Hyperion hires Johnson to lead FP’s Asian marine business

Hyperion hires Johnson to lead FP’s Asian marine business

Mark Johnson has been appointed chief executive of FP Marine Risks, the Hong Kong headquartered specialty marine business of UK-based Hyperion Insurance Group. Hyperion, the world’s largest employee-owned insurance group, also announced that as of April 1 2017, FP Marine will become part of RKH Specialty, Hyperion’s specialty broking arm. The broking group recently entered AM Best’s annual list of…

Cost of P&I insurance to fall as competition mounts say rating agencies

Cost of P&I insurance to fall as competition mounts say rating agencies

Cost of P&I insurance to fall as competition mounts say rating agencies

Rating agencies predict that the cost of protection and indemnity (P&I) cover will come down as clubs face pressure from hard-up ship owners and react to benign losses. In recent weeks, several P&I clubs announced the results of P&I renewals in February. They were marked by flat rates and risk selection. However, AM Best and Standard & Poor’s (S&P) have…

London market’s electronic systems begin accepting claims and marine covers

London market’s electronic systems begin accepting claims and marine covers

London market’s electronic systems begin accepting claims and marine covers

The London Market Group’s (LMG) online XIS Bureau is now accepting claims from brokers, and its electronic placing platform PPL has been extended to cover marine insurance. The XIS Bureau opened to premiums last year and the LMG said the focus is now on ensuring London market players adopt the new system. Shirine Khoury-Haq, sponsor of the London market’s Target…

P&I Clubs face testing time ahead – AM Best

P&I Clubs face testing time ahead – AM Best

P&I Clubs face testing time ahead – AM Best

Intense competition in the marine protection and indemnity (P&I) sector is keeping insurance pricing down for ship owners, according to a report from AM Best. Historically, P&I clubs have been able to rely on investment income to subsidise weak underwriting results and enhance their free reserves, the report says. But this strategy has been challenged by changing regulation and an…

Marine insurance faces skills shortage challenge

Marine insurance faces skills shortage challenge

Marine insurance faces skills shortage challenge

The biggest challenge facing the marine insurance industry today is the lack of skills, according to one South African underwriter. Adriaan Bester, manager: marine, Lion of Africa Insurance, warned: “There is a shortage of skilled marine staff entering and confining in the marine insurance industry which creates a cause for concern. This ‘inexperience’ not only increases competitive levels unnecessarily, but…

Malaysian insurance market faces ‘challenging’ 2017, says association

Malaysian insurance market faces ‘challenging’ 2017, says association

Malaysian insurance market faces ‘challenging’ 2017, says association

Growth posted by the Malaysian insurance industry plummeted in 2016 compared with 2015 based on latest numbers published by the national insurance association (PIAM). On the plus side the association believes that liberalisation of motor and fire tariffs announced by Bank Negara Malaysia in June last year will “transform” the insurance landscape in the country. The association also said that…

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